PORT ANGELES, WASH. — Crystal Investment Property (CIP) has arranged the sale of All View Motel, an independent economy motel located in Port Angeles on Washington’s Olympic Peninsula. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not disclosed. Built in the 1930s, the single-story motel features 20 guest rooms in a mix of standard rooms with mini-fridges and microwaves and family suites with complete kitchens. Additionally, the property features a 1,400-square-foot owner/manager quarters with private laundry room, fenced front yard and storage area. Visible from Highway 101, All View Motel is situated close to downtown and the ferry port, and is less than a mile from the main entrance to Olympic National Park.
RIVERSIDE, CALIF. — Northstar Commercial Partners has completed the sale of an office building located at 1595 Spruce St. in Riverside. An undisclosed buyer acquired the asset for $6 million. An affiliate of Northstar originally purchased the 67,076-square-foot property in 2015 as one of 24 total assets in a portfolio acquisition totaling $224.3 million. Gary Stache, Doug Mack, Vindar Batoosingh and Phil Woodford of CBRE represented the seller in the deal.
MISHAWAKA, IND. — Marcus & Millichap has brokered the sale of Cedar Crest Apartments and Jefferson Estates, two adjacent multifamily properties in Mishawaka near South Bend. The sales price was $5 million. Cedar Crest Apartments is comprised of 56 units while Jefferson Estates includes 112 units. The properties feature swimming pools, clubhouses, covered parking and on-site laundry facilities. Scott Harris and Samuel McCarthy of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
SAN FRANCISCO — Stockbridge Capital Group has purchased a portfolio of 26 institutional-quality logistics and e-commerce properties spanning nine U.S. markets, with a heavy focus on the West Coast. PGIM Real Estate Finance provided $350 million in financing for the acquisition. The 6.4 million-square-foot portfolio includes a complement of bulk distribution facilities and light industrial properties. The bulk distribution facilities are relatively new and are as large as 1.1 million square feet, while the light industrial properties are smaller and generally geared toward local last-mile distribution tenants. Approximately 60 percent of the portfolio’s net operating income is generated from assets in California markets: Inland Empire, East Bay, San Diego and Central Valley. PGIM Real Estate Finance served as the lender with Jaime Zadra and Elizabeth Velazquez pf PGIM Real Estate Finance arranged the acquisition financing through two seve-year fixed-rate loans. Kristin Renaudin, Nicole Stagnaro and Kristin Paul led the Stockbridge transaction team. Debra Bonebrake of JLL will serve as property manager.
KENT, WASH. — Menashe Properties has completed the disposition of Creeksides at Centerpoint, an office campus located in Kent. An undisclosed buyer acquired the asset for $39 million. The three-building campus features 218,650 square feet of office space. At the time of sale, the asset was 97.6 percent leased to a diverse roster of local, regional, national and government tenants, including Blue Nile and the State of Washington. Logan Greer and Kevin Freels of JLL Capital Markets, along with Scott Sulman and Michael George of NAI Puget Sound Properties, represented the seller in the deal.
HACIENDA HEIGHTS, CALIF. — The Mogharebi Group (TMG) has brokered the sale of Sagewood Gardens, an age-restricted community located on Gale Avenue in Hacienda Heights. A San Gabriel Valley-based private investor acquired the asset from a Los Angeles-based private owner for $34.4 million. Built in 1988, Sagewood Gardens is a one- and two-story apartment community comprising 21 residential buildings totaling 93,930 rentable square feet. Situated on 5.3 acres, the property features 162 apartments in a mix of one- and two-bedroom layouts, as well as a detached single-family residence. The property is restricted to residents age 55 or older. On-site amenities include a fitness facility, resident lounge with media room, covered parking and an activity center. Alex Mogharebi and Otto Ozen of TMG represented the seller and the buyer in the deal.
AURORA, ILL. — Transwestern Commercial Services has brokered the sale of 2357 Sequoia Drive in Aurora for $12.5 million. The 50,000-square-foot, single-story office building is fully leased to Dreyer Medical, an affiliate of Advocate Health Care. Gary Nussbaum and Paige Gunn of Transwestern represented the seller, Downers Grove-based REM Builders Inc. Maryland-based Global Medical REIT Inc. purchased the asset.
MESA, TEMPE AND SCOTTSDALE, ARIZ. — Harvard Investments and Lincoln Property Co. (LPC) have completed the sale of Waypoint, a suburban Class A office campus located in Mesa, Tempe and Scottsdale. New York City-based Innovatus Capital Partners acquired the four-building asset for $107.6 million. Harvard and LPC developed the first 108,956-square-foot building at Waypoint in 2014 as a build-to-suit that was fully pre-leased to Verrda Mobility, formerly American Traffic Solutions. In 2016, the partnership completed the second 153,134-square-foot building. Additionally, the companies purchased two adjacent existing buildings to create the four-building, 426,951-square-foot Waypoint campus. At the time of sale, the campus was 98 percent leased. Tenants include Cognizant, Verra Mobility, Mitel, Ashton Woods, Beazer Homes, Nextcare, Udall Shumway and EPS Group. LPC serves as property manager for all four buildings and the company will maintain the management assignment as part of its almost 10 million-square-foot Phoenix property management portfolio. Dave Carder and Scott Boardman of Cushman & Wakefield are handling leasing for the property.
Intercontinental Real Estate, Harvest Properties Purchase 85,580 SF Office Building in San Francisco
SAN FRANCISCO — Intercontinental Real Estate Corp. and Harvest Properties have completed the acquisition and recapitalization of 400 Montgomery, a historic office building located in San Francisco’s Financial District. Located at the corner of California and Montgomery streets, 400 Montgomery features 85,580 square feet of office space. Constructed in 1901, the building has undergone a multi-million-dollar capital improvement program that included upgraded building systems and infrastructure, a new lobby, refreshed common areas and restrooms, as well as a complete façade restoration to preserve the building’s Renaissance/Baroque architecture and ornamentation. Additionally, more than half of the building’s space was redesigned as creative office space offering more than 13-foot ceiling heights, polished concrete floors and operable windows. At the time of sale, the building was 91 percent occupied by a variety of tenants, including Hexagone, Clearmetal, WE Communications, Lightsource Renewable Energy, Bank of Guam and Sterling Bank & Trust. Rob Hielscher, Michel Seifer, Erik Hanson, Cheri Pierce, Kristina Wollan and Michael Manas of JLL advised on the transaction.
LITTLETON, COLO. — San Diego-based Pathfinder Partners has acquired The Station, a 97-unit multifamily community located at 2100 W. Berry Ave. in Littleton. An undisclosed seller sold the value-add asset for $20.7 million. Constructed in 1983, The Station features 17 studios, 44 one-bedroom and 36 two-bedroom apartments with well-equipped kitchens including over-the-range microwaves, dishwashers and garbage disposals. Additionally, the units feature walk-in closets, private balconies or patios, air conditioning, washer/dryer hook-ups in 80 units and fireplaces in nine units. On-site amenities include parking, laundry facilities and a leasing office.